Real Estate Licensing Violations Quiz

In order to accept a commission, when must a real estate agent be licensed?

• At the time the transaction is completed

• At the time the transaction is performed and throughout the entire transaction

• Only at the time the transaction is initiated

• Only at the time the commission is paid

Who is allowed to pay a real estate agent's commission?

• The buyer

• The seller

• The broker

• Any party involved in the transaction

Which of the following is considered a kickback and is illegal?

• Proper commission splitting

• Undisclosed referral fees

• Full disclosure of referral fees

• Informed consent for referral fees

When is compensation paid by or to a real estate agent considered improper?

• When it is done with full disclosure

• When it is done without full disclosure or informed consent

• When it is done with informed consent

• When it is done with the agreement of all parties

Under what condition is a referral fee considered legal?

• When all parties agree to be referred and have given full disclosure and informed consent

• When only the referring agent agrees

• When the broker agrees

• When the buyer agrees

When a licensee acts as brokers or salespersons in the sale of property in which they have an interest without revealing the interest to all parties to the transaction, it is known as...

• misrepresentation
• dual agency
• self-dealing
• conflict of interest